Howard Marks Oaktree Capital Management
Howard Marks is co-founder of Oaktree Capital Management, a leading firm in credit, distressed debt, and alternative credit strategies. He is equally well known for his widely read client memos on market cycles, risk, and investor psychology. Marks’s investing philosophy stresses second-level thinking, asymmetric risk/reward, and the importance of understanding where markets sit in the credit cycle.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
California Resources
CRC
|
+$104M |
| 2 |
TLN
Talen Energy Corp
TLN
|
+$98.2M |
| 3 |
Indivior Pharmaceuticals
INDV
|
+$58.9M |
| 4 |
Liberty Global Class A
LBTYA
|
+$41.9M |
| 5 |
Infosys
INFY
|
+$37.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TORM
TRMD
|
+$129M |
| 2 |
Banco Bradesco
BBD
|
+$53M |
| 3 |
Star Bulk Carriers
SBLK
|
+$50M |
| 4 |
Vale
VALE
|
+$48.8M |
| 5 |
JD.com
JD
|
+$29.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 41.65% |
| 2 | Consumer Discretionary | 10.06% |
| 3 | Materials | 8.12% |
| 4 | Financials | 4.74% |
| 5 | Communication Services | 4.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TORM
TRMD
$3.26B
| $1.38B | 22.17% |
40,581,120
-3,528,866
| -8% | -$129M |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $565M | 9.06% |
6,870,884
| – | – |
|
3
Garrett Motion
GTX
$4.96B
| $361M | 5.78% |
44,082,816
| – | – |
|
|
STR
4
DELISTED
Sitio Royalties
STR
| $270M | 4.32% |
12,935,120
| – | – |
|
5
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $227M | 3.63% |
395,000
-300,000
| -43% | -$166M |
|
|
INFN
6
DELISTED
Infinera Corporation Common Stock
INFN
| $170M | 2.72% |
25,175,384
| – | – |
|
7
AngloGold Ashanti
AU
$61.3B
| $151M | 2.41% |
5,657,451
-671,437
| -11% | -$19.3M |
|
|
8
Star Bulk Carriers
SBLK
$3.41B
| $135M | 2.17% |
5,712,206
-2,254,220
| -28% | -$50M |
|
|
STKL
9
DELISTED
SunOpta
STKL
| $132M | 2.12% |
20,726,126
| – | – |
|
|
10
Liberty Global Class A
LBTYA
$3.63B
| $126M | 2.02% |
5,973,258
+2,171,621
| +57% | +$41.9M |
|
|
TLN
11
Talen Energy Corp
TLN
$15.1B
| $124M | 1.99% |
+696,676
| New | +$98.2M |
|
12
Freeport-McMoran
FCX
$110B
| $121M | 1.94% |
2,425,239
+7,332
| +0.3% | +$330K |
|
13
Runway Growth Finance
RWAY
$278M
| $111M | 1.78% |
10,779,667
| – | – |
|
14
Vista Energy
VIST
$7.7B
| $111M | 1.77% |
2,503,714
| – | – |
|
|
15
California Resources
CRC
$4.73B
| $107M | 1.72% |
+2,046,753
| New | +$104M |
|
|
CBL
16
CBL Properties
CBL
$1.71B
| $101M | 1.62% |
4,005,126
| – | – |
|
|
17
Vale
VALE
$62.1B
| $95.8M | 1.54% |
8,203,466
-4,549,737
| -36% | -$48.8M |
|
|
18
Indivior Pharmaceuticals
INDV
$4.35B
| $94.1M | 1.51% |
9,521,980
+5,028,807
| +112% | +$58.9M |
|
19
Cemex
CX
$16B
| $89.6M | 1.44% |
14,689,032
| – | – |
|
20
Kilroy Realty
KRC
$4.25B
| $71.6M | 1.15% |
1,850,011
| – | – |
|
|
21
JD.com
JD
$39.7B
| $70.4M | 1.13% |
1,760,208
-1,060,487
| -38% | -$29.1M |
|
22
Itaú Unibanco
ITUB
$82.4B
| $60.4M | 0.97% |
10,283,569
+2,753,463
| +37% | +$15.5M |
|
23
Petrobras
PBR
$123B
| $58.6M | 0.94% |
4,069,272
-437,181
| -10% | -$6.43M |
|
24
Trip.com Group
TCOM
$29B
| $47M | 0.75% |
791,523
+205,878
| +35% | +$9.53M |
|
25
Yum China
YUMC
$16.9B
| $44M | 0.71% |
+976,906
| New | +$32.5M |
|
Similar funds
Howard Marks's Q3 2024 Portfolio in Review
As of Q3 2024, Howard Marks held 174 positions worth $6.24B, down 0.9% from $6.3B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Howard Marks withdrew a net $584M in Q3 2024, closing 6 positions and reducing 12 holdings. Its most notable exit was Gerdau, an estimated $19.4M position sold in full.
By sector, the portfolio is most concentrated in Energy at 42% of assets, down from 45% a quarter earlier, followed by Consumer Discretionary and Materials.
Against the trend, Howard Marks opened a new position in California Resources worth $107M.
- Howard Marks's largest Q3 2024 buy was California Resources: 2,046,753 shares worth $107M.
- Howard Marks added most to Indivior Pharmaceuticals in Q3 2024, an estimated $58.9M increase.
- Howard Marks's biggest Q3 2024 reduction was TORM, cutting an estimated $129M.
- Howard Marks fully exited Gerdau in Q3 2024, selling an estimated $19.4M.
- Howard Marks's ten largest holdings make up 56% of its $6.24B portfolio in Q3 2024.
- Howard Marks opened 11 new positions and closed 6 in Q3 2024.
- Howard Marks's portfolio value fell 0.9% quarter-over-quarter to $6.24B.
Based on Oaktree Capital Management's 13F filing for Q3 2024, filed 14 Nov 2024.